New Jersey Fuel Cell Firm Finishes Financing

February 27, 2004 [SolarAccess.com] Eatontown, New Jersey-based Millennium Cell, a technology development company that has created a proprietary process to safely store, generate and deliver pure hydrogen, has completed a US$6 million private placement financing, part of a $10 million financing previously announced by the company. The initial conversion price of the $6 million debenture to an accredited investor is $3.30 per share, which equals 120 percent of the average of the closing prices for the five trading days immediately preceding the issuance of the $6 million debenture. Up to an additional $4 million is available to the company at its option in the form of another convertible debenture, provided that at least $4 million of the $6 million debenture has been converted into common stock in accordance with the terms of such debenture, and the company is in compliance in all material respects with the private placement transaction documents. Millennium Cell President Dr. Stephen S. Tang said that the proceeds would add unrestricted cash to the company’s balance sheet, which would provide Millennium Cell flexibility in delivering their business plan.

No posts to display